The Hyderabad-based company, promoted by the family of B Ramalinga Raju, the disgraced former chairman of the scam-hit Satyam Computers, also said that revenues in 2008-09 were down 19 percent to Rs.1,335 crore from Rs.1,637 crore it logged the previous fiscal.

The company attributed the losses to accounting adjustments due to lower level of operations, clients not certifying the work done and some damages imposed by clients.